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Trading Psychology
The Forex market is moved by fear and greed. These are EMOTIONS that affect the market. Essentially you are watching a giant auction for money. Fear and greed are part of Psychology. They are emotions and ABSOLUTELY need to be exorcised from your trading style.
Something happens to traders when they move from a demo where they have been very successful to real money. They start to lose. WHY? That something is Psychology. Most of us can master the techniques of trading but mastering the gray matter between your ears is a different matter altogether.
In order to pull the trigger on live trades you have to be confident in:
1. Your charts – that they are giving you a great set up and HIGH PROBABILITY entry and exit signal
2. Your Broker – that he will give you a fast reliable quote and won’t harvest your stops
3. Your Technical Analysis - did you do the work so you know where the market is going.
4. Your Trade and Margin Risk – will this trade totally ruin your life if it goes wrong.
5. Your System – all of the above as it all comes together
If so you are prepared to trade IF your individual psychology is in place.
Click to Access the Psychology Resources Trading Page |
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